Nel Hydrogen

Nel Hydrogen focuses on developing and manufacturing electrolysis technologies for efficient hydrogen production from renewable energy sources, contributing to the green hydrogen market. Nel Hydrogen is dedicated to the development of advanced hydrogen production technologies. The company is headquartered in Oslo, Norway. Lars Solheim serves as the CEO.

Founded to address the growing demand for clean hydrogen, Nel has not undergone notable strategic pivots or changes in ownership. The company has raised funding through various rounds to support its operations and growth in the hydrogen sector. Nel Hydrogen specializes in manufacturing Proton Exchange Membrane (PEM) and Atmospheric Alkaline electrolysers, designed to produce hydrogen from renewable energy sources. These products cater to various industries, including fertilizer production, green steel manufacturing, and cement production, addressing the demand for sustainable energy solutions.

Nel serves a global customer base across Europe, North America, and Asia, offering tailored hydrogen production solutions to prominent players in the renewable energy sector. In the year 2023, Nel Hydrogen reported a revenue of USD 159. 34 mn and an EBITDA of USD -45. 09 mn.

The revenue model is grounded in B2B sales of electrolysis systems through direct partnerships with industrial clients, involving contracts for PEM and Alkaline electrolysers, either as one-time sales or through long-term service agreements. Nel Hydrogen is set to expand its product offerings with new electrolysis technologies aimed at enhancing hydrogen production efficiency. The company plans to penetrate additional markets in North America and Asia by the end of 2024. Recent funding will be allocated to support these product developments and market expansions, reinforcing Nel's commitment to advancing clean hydrogen solutions.